Earlier this month, Vox published an article titled, “The Paycheck Protection Program failed many Black-owned businesses.” Citing data from Small Business Majority, Vox shares that the PPP reached a lower proportion of Black entrepreneurs, with an outsized share having their applications denied.
The article makes another important point: these imbalances aren’t new, but rather the latest in — and in many ways, the result of — historic inequities in access. Black Americans face steeper hurdles, and the economy has long suffered as a result.
Rebuilding Better is not only about creating ecosystems that incentivize entrepreneurship, but also about creating an economy that works for everyone — regardless of background. This week’s coalition roundup highlights research and perspectives from groups working to build a more equitable future.
Distressed Communities Index
Economic Innovation Group recently published its latest Distressed Communities Index, a biennial look at the inequities that plague America’s economy. The research highlights persistent pre-pandemic problems in underserved communities and features an interactive map to highlight varying levels of prosperity across the country.
America is ready for a more equitable economy and society
Garry Cunningham, CEO of Prosperity Now, discussed how a nationwide reckoning with systemic racism has given America a new perspective on equity. The op-ed shares research findings that reveal cross-demographic support for reforms to boost the livelihoods of Black Americans, starting with police reform and extending to economic approaches, including increasing taxes on large corporations to provide grants to Black entrepreneurs.
Forging Policy: Black Women in Economic Development
Rising Tide Capital CEO Alfa Demmellash joined a panel of Black women leaders to discuss how policy affects small business. The full livestream is available, featuring commentary from Demmellash and others around how policies can bring greater wealth and opportunity to underserved communities, and how organizations and non-profits can play a role.
#WealthInColor: Accessing Albuquerque’s Entrepreneurial Ecosystem
Living Cities features Albuquerque’s entrepreneurial ecosystem, its successes and flaws, and solutions it has pursued to build equity. The writeup features an infographic detailing the various supports that exist, and what each means for the city’s entrepreneurs of color.